The latest on real estate recordings and new technology from the Middlesex North Registry of Deeds in Lowell
First, if you read yesterday’s Blog you already know we recorded 405 documents on Friday, December 30 the final business day of 2005. This is slightly higher than our 2005 daily average of 360.
If you go to http://www.lowelldeeds.com/2005stats.pdf you will find some very interesting comparsions of Major Document totals for the past several years (Deeds, Mortgages, Plans, Homesteads and Foreclosure Deeds). The chart is self-explanatory but here are a few of the more notable points:
2005 saw a 9% decrease in the number of documents recorded…“96,260” recorded in 2004, “87,866” in 2005. Compare this to 2003’s incredible 146, 940…that’s a 40% drop.
We recorded 33% less Mortgages in 2004 than 2003 and an additional 10% less in 2005. Of course, the decrease in Mortgages accounts for the bulk of the drop in recording numbers. In 2005 we recorded 19,000 less mortgages than in 2003 and 4,000 less than 2004.
Over the pass twenty-five years document totals seem to rise and fall in five year cycles. Usually, once the market bottoms out there is an upward swing for two or three years. Once it peaks the martket falls for two years or three years until it once again bottoms out. The interesting thing is that the bottom is usually not as low as the cycle before it and the peak is usually higher than the cycle before it.
It will be interesting to see where 2006 fits in the cycle.
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